“The applications are frankly quite endless; anything where you have a distributed ledger which involves corporations or institutions can use this,” Umar Farooq, head of JPMorgan’s blockchain operations told CNBC.

JPM Coin, Farooq said, would see testing in the coming months, rolling out to applications in international settlement, securities and treasury services.

Little technical details have surfaced about the token, with Farooq’s comments suggesting it would be a closed private blockchain with a wholly-centralized issuance.

It would be tied to the US dollar, he added, and exchangeable for cash within the ecosystems it serves.

Reacting to the reveal, however, others were less than impressed. Brad Garlinghouse, CEO of payment network Ripple, likened JPM Coin to previous plans from banks elsewhere, arguing it was a case of ‘too little, too late’ in the age of public blockchains.

“… [T]his JPM project misses the point – introducing a closed network today is like launching AOL after Netscape’s IPO,” he added in social media comments.

I am a believer of the HODL philosophy because we are still in the nascent stage of blockchain technology. Although we are in a bear market now, my outlook on the adoption and growth of blockchain solutions remains unchanged. Blockchain transactions has been growing exponentially and demand for cryptocurrency like Bitcoin [BTC], Ethereum [ETH], Ripple [XRP], Litecoin [LTC] and other Altcoins will only continue to grow exponentially in the next five to ten years.

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